A somewhat busy week in the UK will see the release of the monthly inflation and unemployment reports. The data comes following the Bank of England’s interest rate hike earlier this month.

In Australia, wage price index and unemployment report will also be coming out this week.

Data from the Eurozone will see the release of the second quarter GDP along with final inflation figures for July.

Australia wage and unemployment report in focus

Data from Australia this week will focus on the monthly unemployment report. Ahead of the release of the labor market data, the quarterly wage price index data is also due to be released.

The wage price index is likely to be a key factor especially when assessing the inflationary pressures.

With still a significant amount of slack seen in the economy, wages are expected to remain subdued.

According to the RBA, a higher wage price index is required in order for inflation to push higher.

Australia’s unemployment rate was seen holding steady at 5.4% for nearly the past two months.

This came as the overall unemployment rate has been steady between 5.6% and 5.4%. The unemployment data for June saw some significant strides with more people joining the work force.

The labor market gains came mostly on increased number of jobs from the full time sector.

This was seen as a positive and investors will be looking to see this figure remain consistent in order for the markets to remain more confident on the prospects of a rate hike from the RBA later on.